Struggling UK broadband provider TalkTalk could split its two remaining businesses, reports Sky News.

The company is reportedly preparing to hire advisers to oversee a split of the company’s consumer arm and PXC, its wholesale and network division.

Investment banks were asked to pitch last week for a mandate to oversee a potential sale of the divisions.

City sources told Sky that Barclays and Morgan Stanley were among the banks that could potentially oversee the strategic review.

It follows reports earlier this month that TalkTalk has missed several payment deadlines to broadband suppliers BT Openreach and CityFibre.

TalkTalk has struggled in recent years, reporting last month that it lost 400,000 customers last year, while reducing its headcount by 20 percent, including 130 jobs being lost at its Salford consumer division in December. The company’s debt is said to be nearing £1.2 billion ($1.63bn).

In 2021, Toscafund Asset Management, previously the second-largest shareholder in the company, completed a takeover of TalkTalk for £1.1bn ($1.49bn).

Two years later, the company split its business into three units: B2B Wholesale Platform, TalkTalk Consumer, and TalkTalk Business Direct, before TalkTalk sold the latter to TFP Telecoms Limited (TFP), a special purpose vehicle controlled by the main shareholders of TalkTalk Telecom Group Limited (TTG).

TalkTalk has also been subject to a possible takeover, according to reports earlier this month, with rival broadband provider BT interested.

BT is reportedly interested in buying TalkTalk, the UK’s fourth-largest broadband provider, over fears that TalkTalk’s struggles could impact its own business. The company’s Openreach network hosts the majority of TalkTalk’s customer-base, while CityFibre supports around 30 percent.